IoT security market valued at $1.5 billion in 2018

IoT proliferation and adoption is estimated to reach worldwide spending of $1.5 billion in 2018, an increase of 28% from 2017, according to Gartner.

While organizations that have adopted IoTs have taken it upon themselves to implement security mechanisms that limit the fallout of a breach caused by insecure smart devices, Gartner estimates improper implementations of security best practices is the only inhibitor to this growth. This aspect is estimated to slow the potential IoT security speed by 80 percent.

“Although IoT security is consistently referred to as a primary concern, most IoT security implementations have been planned, deployed and operated at the business-unit level, in cooperation with some IT departments to ensure the IT portions affected by the devices are sufficiently addressed,” said Ruggero Contu, research director at Gartner. “However, coordination via common architecture or a consistent security strategy is all but absent, and vendor product and service selection remains largely ad hoc, based upon the device provider’s alliances with partners or the core system that the devices are enhancing or replacing.”

Gartner predicts regulatory compliance will become the main driver for IoT security uptake, especially since IoTs have begun to slowly make their way into all industries, especially critical ones. Described as the Industrial Internet of Things (IIoT), Gartner believes that energy, oil, gas, transportation and manufacturing are the main industries impacted by the lack of security features and mechanisms built into IoTs.

“Interest is growing in improving automation in operational processes through the deployment of intelligent connected devices, such as sensors, robots and remote connectivity, often through cloud-based services,” said Contu. “This innovation, often described as Industrial Internet of Things (IIoT) or Industry 4.0, is already impacting security in industry sectors deploying operational technology (OT), such as energy, oil and gas, transportation, and manufacturing.”